Midfielder Arteta firmly believes the north Londoners need to play catch up having fallen behind the two Manchester clubs and Chelsea in the past few seasons.

He reckons Arsenal’s fans deserve a trophy after eight barren years and insists a big-name signing during the current window can turn the Gunners into genuine title contenders again.

Arteta said: “The club have said they are going to be very ambitious in the market and have got the financial resources to get big players. I think it’s about time.

“When you compare us to the other top English clubs and the money they have paid, we are very far apart.

“The value of this club is the class and what it means is very difficult to match. There has never been a tradition at Arsenal to pay crazy, crazy money.

“But now, financially, they are very strong so maybe we will be more aggressive in the transfer market.

“I am excited. They made it public that they are going to go big. The sort of players they have been linked with makes me happy.

“It creates a good atmosphere and we need to do something because the other teams are doing it and I think we will.

(Photo: Arsenal FC via Getty Images)

“I believe we can be contenders again but it also creates a genuine atmosphere for the fans and they need that because we haven’t won trophies in the last years.

“They need something back. The support has been quite impressive.

“I believe in what we have but if we can strengthen a bit then we are going to make the gap with the other teams much closer. That’s what we’re looking for.

“It will be unbelievable to win trophies. We really enjoy playing with this club so imagine if we are able to win trophies.

“I don’t think we’re that far away. The fact that we haven’t won it for eight years makes it harder mentally to believe. But that’s what we need to do.”

Arteta joined Arsenal from Everton two years ago, at the end of a transfer window which saw the club sell star midfielders Cesc Fabregas and Samir Nasri.

Last summer, Robin van Persie left for Manchester United.

Wenger has admitted he has been under difficult financial pressures in the past following Arsenal's move to a new stadium.

But now, new sponsorship deals with Emirates and Puma has them in a position to compete for the big names.

Arteta said: “I was disappointed when Robin left. He was the best player in our team, he made the difference for us. I didn’t want him to go but we had to accept that he wanted to move on to a new challenge.

(Photo: Alex Livesey)

“There’s a difference (in spirit) when you are trying to sell players and when you are trying to buy. We have something that is very good and we are trying to improve it.

“The difference between those two concepts is very big. If we do well (in the transfer market), I think you will see the difference on the pitch.”

He added: “We feel extra pressure. We’re at a massive club where there is a responsibility to win trophies. It makes me more motivated. We’ve got a stronger squad and I thing we should be much closer this time.

“The most disappointing was last year, when we lost at home to Blackburn. That was a title we felt we could win. We had a chance to win the FA Cup.

“We were really disappointed and we should have done better. There was a lot of faith that we could do it.

“But moments like that of what you need to improve on and it sometimes makes you think and it makes you realise you are not as good as you think you are.”